GBP/JPY trades below 50-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The offered tone around Sterling gathered pace in early US session, taking the GBP/JPY below its 50-DMA at 184.95 levels.

    Fourth consecutive day of loss

    The cross is down for the fourth consecutive session. The selling pressure gained traction in the US session after BOE’s Carney said the bank prefers cutting rates over QE if required. Meanwhile, the losses in the European stocks and the resulting risk-off made sure the Yen stayed in demand.

    The immediate focus now is on the US Q2 GDP second estimate, which may influence the broader market sentiment – risk-on/risk-off.

    GBP/JPY Technical Levels

    At 184.70, the immediate support is located at 184.30 (Nov 6 low), under which the losses could be extended to 183.90 (Oct 28 low). On the other side, resistance is located at 184.95 (50-DMA) and 186.18 (hourly 50-MA).
    For more information, read our latest forex news.

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